Talks on RSA-MVP mega-tollways merger completed this month —Singson

Discussions on the planned mega-tollways merger between the expressways giants led by tycoons Manuel V. Pangilinan and Ramon S. Ang is expected to be completed this month.

This was disclosed by Pangilinan-led Metro Pacific Tollways Corp. (MPTC) president and CEO Rogelio “Babes” Singson at the sidelines of the Management Association of the Philippines (MAP) General Membership Meeting in Taguig City on Wednesday.

“Structurally, maybe expect some announcements soon,” Singson told reporters.

Asked as to when the ongoing discussions for the merger between MPTC and Ang’s San Miguel Corp. (SMC) Tollways will be completed, he said, “Within October, within October.”

In November last year, Pangilinan divulged MPTC’s plans to form a joint venture firm with SMC Tollways.

The planned merger came after the two tollway giants signed an agreement in August 2023 to jointly undertake the construction of the Cavite-Batangas Expressway (CBEX) and Nasugbu-Bauan Expressway (NBEX) with a combined cost of P72 billion.

Singson said the forming of a joint venture between the two tollways holding firms is happening “sooner” after MPTC finalized its purchase of 35% stake in Indonesia’s in PT Jasamarga Transjawa Tol (JTT) — a subsidiary of the leading Indonesian state-owned toll road company, PT Jasa Marga (Persero) Tbk (Jasa Marga).

To recall, Pangilinan earlier said that MPTC’s Indonesian toll assets will be included in the potential merger with SMC Tollways. 

Singson clarified that the merger of MPTC and SMC Tollways will only be at the “holding company level” and “the entities, the operating companies are not going to be affected.”

“The merger is at the MPTC level, holding company. And the same is true with San Miguel,” he said.

MPTC is the holding company for the North Luzon Expressway (NLEX), the Subic-Clark-Tarlac Expressway (SCTEX), the Manila-Cavite Toll Expressway (CAVITEX), the Cavite-Laguna Expressway (CALAX), and the Cebu-Cordova Link Expressway (CCLEX), and the NLEX Connector.

SMC Tollways, meanwhile, operates the South Luzon Expressway, the Skyway Stage 3, the Southern Tagalog Arterial Road (STAR), the NAIA Expressway, and the Tarlac-Pangasinan-La Union Expressway (TPLEX).

Nonetheless, Singson said the merger between MPTC and SMC Tollways will still have to go through the Philippine Competition Commission’s (PCC) mergers and acquisitions review process.

During the MAP event, Singson was awarded as the “Management Person of the Year 2024.”

The "MAP Management Person of the Year" is an award that the MAP confers on individuals in business or government, whether a member of the MAP or not, “who have attained unquestioned distinction in the practice of management, and have made valuable contributions to the progress of the country and in re-shaping national values.”

Singson also confirmed reports that he will be stepping down as MPTC’s chief this month as he will be replaced by Clark International Airport Corp. (CIAC) president Arrey Perez, whose resignation took effect at the end of September. —RF, GMA Integrated News